Gold futures<\/a> were down almost 10% at $4119.10, the lowest level seen so far in 2026.<\/p>\n Stock Chart IconStock chart icon Gold spot.<\/p>\n The precious yellow metal lost almost 10%<\/a> last week in its worst showing since September 2011. Spot gold has now lost around 25% since hitting a record high of $5,594.92\/oz at the end of January. <\/p>\n Spot silver<\/a>, meanwhile, was down 8.3% at $62.24, a year-to-date low and almost half of its $117 level on Feb. 28, when the Iran war began. Silver futures<\/a> were trading 11.7% lower on Monday at $61.66.<\/p>\n Stock Chart IconStock chart icon Silver futures.<\/p>\n The sell-off extended to other precious metals, with platinum<\/a> futures plummeting 10.6% to $1,760.90, while palladium<\/a> dropped 6.7% to $1,347.50.<\/p>\n The retreat from gold \u2014 which is traditionally seen as a key safe haven asset in times of market turmoil \u2014 chimes with the ongoing risk-off sentiment<\/a> in markets as the Iran conflict fuels concerns over inflation and rising energy prices.<\/p>\n The prospect of higher interest rates as a result of the war could boost government bonds among investors, at the expense of non-yielding precious metals, market strategists told CNBC<\/a> recently.<\/p>\n However, euro zone government bond yields were once again moving higher in early trading on Monday as the conflict’s latest escalation left few hiding places for investors. <\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
<\/p>\n<\/p>\n